More than one third of Dublin's office space has been traded since the beginning of 2013, a new report from property company Savills shows.

According to the report, 1.1 million square metres (sq m) of office space has changed hands in the last 4 years.

And the ratio of office space to change hands in the Central Business District is even higher, with 42% of office space in Dublin's main business centre having changed owners since 2013.

Over the 2013 to 2016 period, the aggregate value of office investment transactions in Dublin amounted to almost €6.3bn.

Dr. John McCartney, Director of Research at Savills Ireland commented: “Given the nature of our economy, which is increasingly based on technology and business services, office space is a critical factor of production.

"During the economic crisis office blocks could be picked-up cheaply and this caused assets to be traded at a ferocious rate.

"Now that the economy is back on a strong growth trajectory the appeal of these assets has widened and core institutions such as pension funds and REITs have become key buyers.”

After very active trading in offices between 2013-2015, fewer prime office investment opportunities came to the market last year.

But McCartney said that investors will continue to have opportunities to buy income producing office-assets.

He said: “Some of the short-term money that picked-up offices earlier in the cycle is already moving on to riskier and therefore higher-yielding markets and this will give core investors opportunities to buy good buildings as they are re-traded.

"In addition we currently have around 400,000 sq m of office space under construction in Dublin.

"Some of this is being developed by institutions who will hold it long-term. But some will become available to investors once it is completed and let-up over the next 18 months.”